Details

Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
Industry: Energy & Natural Resources, Oil & Gas
Type: Business and industry issue
Date: 28/09/2011

Impact of IFRS: Oil and Gas

Accounting for oil and gas activities presents many difficulties. Significant upfront investment, uncertainty over prospects and long project lives have led to a variety of approaches being developed by companies, and a range of country-specific guidance for the sector. As countries around the world adopt IFRS, accounting approaches for affected companies may need to be reassessed

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This publication provides assistance to companies in the oil and gas sector who are considering converting to IFRS.

It gives an overview of the IFRS conversion process and looks at the impact of conversion on IT systems, people and business processes.

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